US energy giant General Electric (GE) on Monday said it has signed agreements worth $500m to deliver solutions for the expansion of power plants in Saudi Arabia.
The company announced that it has been selected to provide gas turbine technology and services for four Saudi Electricity Company (SEC) power plant expansions.
The projects will support efforts in meeting the kingdom’s growing power needs, especially during the hot summer months when electricity demand is at its peak.
GE said in a statement that the total value of the agreements is expected to be more than $500m while the power plant expansions are expected to add over 100 new local jobs.
The contracts bring GE Energy orders for SEC projects in the last two years alone to over $2bn, it added.
Ali Saleh Al Barrak, president and CEO, SEC, said: “These fast-tracked plant expansions are designed to meet peak summer demands.”
The four SEC power plant expansions will add 1,680 megawatts of power to the Saudi grid, more than half of SEC’s planned annual increase of 3,000 megawatts. According to SEC, the Kingdom’s electricity demand has been growing at the rate of about six percent a year.
“Our ability to respond to our customers’ technology requirements and deliver fast-track projects on a large scale is a core capability of GE,” said Joseph Anis, GE Energy’s president and CEO for the Middle East.
In addition to supplying power generation technology, GE will provide all four plant expansions with technical advisory services as well as performance testing, which are critical to the successful installation of the plants.
GE will also give training for SEC technical teams to support them in the operation of the plants.
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